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October 11,2021Islamabad ( Press Release) As part of the "Wear a mask, protect Pakistan” campaign, WHO Representative in Pakistan, Dr. Palitha Mahipala visited Girl Guide HQs to promote preventive health measures and also celebrated "International Day of Girl Child" with girls.  With reference to International Day of Girl Child,” Dr Mahipala remarked, "Girl child’s health is the WHO priority. We need to put a collective and concerted effort into improving the wellbeing and health of girls. COVID-19 posed a huge challenge, especially for girls and young women. There is a need to increase their engagement in issues that affect their health and their futures.”  WHO team distributed masks ...

October 11, 2021 at 9:40 pm | Economic Affairs

AgenciesWASHINGTON, Oct. 11— Debt burden of world's low-income countries rose 12% to a record $860 billion in 2020 as countries responded to the COVID-19 crisis with massive fiscal, monetary, and financial stimulus packages, the World Bank said in a report released Monday.World Bank President David Malpass said the report showed a dramatic increase in the debt vulnerabilities facing low- and middle-income countries and called for urgent steps to help countries reach more sustainable debt levels."We need a comprehensive approach to the debt problem, including debt reduction, swifter restructuring and improved transparency," Malpass said in a statement accompanying the new International Debt Statistics 2022 report."Sustainable debt levels ...

October 11, 2021 at 9:35 pm | Economic Affairs

PRLahore, Oct.11, — Lahore Central Business District Development Authority (LCBDDA) relocated trees from Lahore Prime site with 100% growth, Executive Director Commercial, LCBDDA Omer said.“ Lahore Prime”, a project of LCBDDA also known as Central Business District Punjab (CBD Punjab) recorded 100% growth on new site within the CBD Punjab locality. CBD Punjab has been known for its initiatives on environment conservation during development.Talking on this transplantation, Executive Director Commercial, LCBDDA - Muhammad Omer, told “Relocating a tree is not an easy task, especially when it comes to moving mature trees. Having the right tools and tree expertise ensures the survival of your tree during the tree relocation pr...

October 11, 2021 at 6:22 pm | Economic Affairs

EA ReportLahore, Oct. 11 — Despite SBP introducing various measures,Pakistan's rupee suffered a drop at opening week against USD, depreciating to 170.74 in the inter-bank market on Monday.The rupee has been under pressure since May this year as a widening current account deficit and high import figures take toll on the country's currency.In August 21, the current account posted a deficit of $1,476 million, compared to a deficit of $814 million in July, as the import bill ballooned to over $6 billion.According to State Bank of Pakistan (SBP), the PKR closed at 170.74 against the USD, a depreciation of 21 paisas or 0.12%. Last week, the PKR dropped to 170.96 against the greenback, the lowest level in its history, before staging a minor rec...

October 11, 2021 at 6:21 pm | Economic Affairs

EA ReportISLAMABAD, Oct. 11 — Securities and Exchange Commission of Pakistan (SECP) has specified onboarding framework for customers of the Asset Management Companies (AMCs) and Pension Fund Managers (PFM).Under the new framework, the accounts can be opened online, while the Asset Management Companies (AMCs) and Pension Fund Managers (PFMs) can conduct customer verification and authentication through virtual platforms such as WhatsApp, Skype, etc.The new framework classifies three categories of investment accounts on the basis of investment & transaction limits, and the respective documentation/verifications, which are Sehl Sarmayakari Account, Sahulat Sarmayakari Account and Sarmayakari Account. Under this new framework, digital joi...

October 11, 2021 at 6:19 pm | Economic Affairs

EA ReportLahore, Oct. 11 — Benchmark KSE-100 Index couldn’t sustain pressure of escalating commodity prices on opening week amid uncertainty over talks with the International Monetary Fund (IMF).High commodity prices keep on threaten the country's growth that pushed the market down to levels last seen in March.Lacklustre volumes and selling was seen across the board with cement, technology and refinery sectors enduring heavy losses.KSE-100 had retreated close to 1.7% at 1:45pm, a fall of over 700 points, and was hovering around the 43,700-800 level.Pakistan's stocks have been under pressure for a few months now with high commodity prices, rupee depreciation, and inflation readings taking their toll on investor sentiment."Talks with the...

October 11, 2021 at 3:38 pm | Economic Affairs

AgenciesLAUNCESTON: Seaborne thermal coal prices in Asia climbed to fresh record highs last week, with early signs of rising exports not enough to eclipse concerns over coal shortages in top importers China and India.Index has risen by almost 160% since the week to April 30, when it ended at $88.52 and was the last week the price fell from the prior seven-day period.In contrast to the demand destruction likely being seen in India, China's imports have been stronger in year-on-year terms in recent weeks, even if they are still below the peak from last winter and during the peak summer demand period.Benchmark price for Australian high-grade thermal coal at Newcastle Port, as assessed by commodity price reporting agency Argus, jumped to $229....

October 11, 2021 at 3:37 pm | Economic Affairs

AgenciesTOKYO, Oct. 11 — Oil prices extended on multiweek gains again on Monday, shows no sign of easing amid supply restraint from major producers.Brent crude was up $1.20 cents, or 1.5%, at $83.59 a barrel by 0414 GMT, after gaining nearly 4% last week. US oil was up $1.51, or 1.9%, at $80.86 a barrel, the highest since late 2014. US crude rose 4.6% through Friday.Energy crisis sweeping the world is raising the prospect of a difficult winter to come as heating demand rises.Prices have risen as more vaccinated populations are brought out of lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and US crude for seven.Coal and gas prices have also been surging as economies recover, making oil more attra...

October 11, 2021 at 12:14 pm | Economic Affairs

AgenciesTokyo, Oct.11 — USD rose to its three years highest against yen on Monday following investors’ confidence as U.S. Federal Reserve announcement of tapering of massive bond-buying next month despite softer U.S. payrolls figures.Jobs data released on Friday pushed U.S. bond yields higher as well as the yen, which is known to be most sensitive to yield differentials, slipped to as low as 112.725 yen per dollar in Asian hours on Monday - a level last seen in December 2018.“The dollar could rise to around 113 yen. But to extend its gains further to 114 yen would require a much larger rise in the 10-year U.S. Treasuries to nearly 2%, which I don’t think likely at this stage,” said Jun Arachi, senior strategist at Rakuten Securit...

October 11, 2021 at 12:13 pm | Economic Affairs

Lahore, Oct. 09 – LCCI President Mian Nauman Kabir said that policies will not yield desired results without due participation of stakeholders.Talking to the delegations of All Pakistan Paper Merchants Association (APPMA) led by Khamis Saeed Butt and Anarkali Traders Association led by Naeem Khan. LCCI Vice President Haris Ateeq, former LCCI President Mian Shafqat Ali, Executive Committee Member Ali Afzal, Chairman APPMA Ahad Amin Malik, President Hassan Raza Sheikh, Khalid Pervez, Bao Bashir and Khawaja Nadeem Saeed Wain also spoke on the occasion. Mian Nauman Kabir said that the partnership between the government and the business community will be resulted in a good composition of strong economy. The government should acknowledge th...

October 9, 2021 at 9:11 pm | Economic Affairs

AgenciesHONG KONG, Oct. 9 —Hong Kong authorities issued third highest storm signal early Saturday, shutting down transport networks, schools and offices as Tropical Storm Lionrock lashed the northern South China Sea.The city’s weather observatory raised its No. 8 storm warning signal at 6.40am (1040 GMT) local time and said it would likely remain in place through the morning.Lionrock combined with surging northern monsoon winds and heavy rain on Friday to batter the city, with one female construction worker killed when scaffolding collapsed in the Happy Valley suburb.

October 9, 2021 at 10:46 am | Economic Affairs

AgenciesCalifornia, Oct. 9 — The company that operates the pipeline that spilled an estimated 3,000 barrels of oil into the Pacific Ocean off California has an 800-page manual on handling an oil spill - but it is unclear whether its employees followed those procedures.Houston-based Amplify Energy Corp and several state and federal regulatory agencies have provided differing accounts of what happened on Oct. 2, when the pipeline spill that fouled beaches, killed wildlife and closed down fishing along miles of coastline was officially reported.The U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) said Beta Offshore, an Amplify subsidiary that operates the pipeline, received a low-pressure warning in its control room about...

October 9, 2021 at 10:38 am | Economic Affairs

AgenciesChina said on Saturday pressed United States to eliminate tariffs in talks between the countries’ top trade officials that Washington saw as a test of bilateral engagement between the world’s biggest economies.The virtual talks between U.S. Trade Representative Katherine Tai and China's Vice Premier Liu He follow Tai's announcement on Monday that she would seek "frank" talks and hold China to its commitments under a "Phase 1" trade deal negotiated by former President Donald Trump.“Chinese side negotiated over the cancellation of tariffs and sanctions, and clarified its position on China’s economic development model and industrial policies,” China’s Xinhua state news agency said after the talks, held on Friday Washington...

October 9, 2021 at 10:36 am | Economic Affairs

AgenciesOct. 8 — Oil prices jacked up Friday by than 4% on week following global energy crunch has pushed prices to their highest since 2014.Earlier in week, Brent hit a three-year high of $83.47.OPEC and allied producers said they would stay the course of gradually bringing back production cuts with global energy demand growing.Meanwhile U.S government said it was monitoring energy markets, which did not announce immediate plans for actions to lower prices. U.S. benchmark West Texas Intermediate crude touched a high above $80 a barrel briefly.“Oil prices are surging as U.S. Department of Energy has backed off from plans that could curb prices by releasing SPR crude oil and banning U.S. crude exports,” said Phil Flynn, senior anal...

October 9, 2021 at 12:40 am | Economic Affairs

October 8, 2021Rawalpindi(ISPR)Ms Wendy R. Sherman, United States (US) Deputy Secretary of State called on General Qamar Javed Bajwa, Chief of Army Staff (COAS), here on Friday.During the meeting, matters of mutual interest, regional security situation and collaboration in Humanitarian measures in Afghanistan were discussed. COAS said that Pakistan is committed to making all-out efforts for peace and stability in Afghanistan and supports an all-inclusive Afghan Government.COAS emphasized to maintain meaningful bilateral engagement for an enduring multi domain relationship between the two countries.The visiting dignitary appreciated Pakistan's role in Afghan situation, specially the assistance in successful evacuation operations and pledged...

October 8, 2021 at 11:45 pm | Economic Affairs

EA ReportLAHORE, Oct. 8– Pakistan equities on last day of the week made an intraday high of 44,670 but slid down to 44,477 level by market close.Pakistan's stocks traded in a narrow range on the last day of the week with the benchmark KSE-100 Index settling 0.24% lower on Friday amid substantially low volumes.The index touched an intra-day high 44,670.5, but failed to sustain the gains, eventually settling just below 44,500.Major contributors to the total volume of 176mn shares were WTL (-0.4%), TELE (-3.1%), SILK (2.6%), FCSC (31%) & TPL (-3.8%).Sectors dragging the benchmark KSE-100 Index lower on Friday included cement (77.06 points), pharmaceutical (28.16 points), and power generation and distribution (25.49 points).On the news f...

October 8, 2021 at 9:58 pm | Economic Affairs